Saw this in an email push from IK a few weeks ago, looks sorta interesting. Although I gotta wonder how "practical" the modeling is considering - as far as I can tell - the source mic options are the same as the target mic options. Which is to say that you may end up with realistic mic modeling if you record on a coveted $5000 microphone then re-mic it to a different coveted $5000 microphone. But when your vocal track was recorded with an AT2035 (or any other bargain-priced mic many home studio users actually own) and that particular mic isn't available as a source in the software, well, it's not exactly doing a realistic emulation. I understand why the software would ask for a source mic (just like how their ARC 2 software creates a target curve based upon real-life content recorded in your room) in order to apply the appropriate effects to emulate a different mic, but seems counter-intuitive to only include high-end mics as available sources. If people actually own a TLM103 or U87 or whatever, they're probably just going to record with them to begin with. :)
Not saying that the software couldn't improve upon a vocal track, because like any other plug-in, I'm sure it can add a desirable vibe with some tweaking, and it is a fun concept. Just don't see it as being as practical as an amp modeler, which of course works because it's taking a dry signal and running it through a virtual amp, as opposed to taking a processed signal, trying to undo that processing then add a different flavor to it. To me, the mic modeling approach seems to be the amp modeler equivalent of recording a Les Paul through a Marshall, then taking that signal and trying to run it through a Fender virtual amp. Not gonna sound like a Fender. :)